South Korean Prosecutors
Indict Chief of SK Group

By
Hae Won ChoiStaff Reporter of The Wall Street Journal

Updated March 11, 2003 3:03 pm ET

SEOUL, South Korea -- South Korean prosecutors indicted 10 executives of SK Group, the country's fourth-largest business conglomerate, for their suspected involvement in an alleged multibillion-dollar accounting and stock fraud. The move, analysts said, could be the first tremors in a seismic change in the composition of South Korean industry.

The Seoul District Prosecutor's Office also indicted SK Global Corp., a trading unit of SK Group, alleging it had inflated profit by 1.56 trillion won ($1.26 billion) and hidden 1.1 trillion...